IHT and gifts
Posted: November 15th, 2021, 10:11 am
I crystallised my SIPP this summer and therefore had money to give away. This led me into having to look into Potentially Exempt Transfers so I am wanting to make sure that I keep good records for my executors in case I don't last 7 years.
I see that the IHT403 form has only 15 rows i.e. only 15 PETs can be recorded. As I now know about PETs I will makes sure that I use the £3000pa allowance, make as many £250 gifts as I am allowed and record any charity gifts I make. Over the next 7 years these will amount to many more than 15. The form does not say "continue on an extra sheet if necessary" or anything.
So where can I get some guidance on whether we not expected to report some gifts ( none of the £250s for example ) ? Also, for example, whether there's a value at which a charitable donation becomes reportable.
ma1co1m
I see that the IHT403 form has only 15 rows i.e. only 15 PETs can be recorded. As I now know about PETs I will makes sure that I use the £3000pa allowance, make as many £250 gifts as I am allowed and record any charity gifts I make. Over the next 7 years these will amount to many more than 15. The form does not say "continue on an extra sheet if necessary" or anything.
So where can I get some guidance on whether we not expected to report some gifts ( none of the £250s for example ) ? Also, for example, whether there's a value at which a charitable donation becomes reportable.
ma1co1m